Income Tax Case: Firm Allowed to Carry Forward Losses Despite Changes in Partnership's Profit-Sharing Ratio (Sections 187 & 78.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Brought forward losses of firm - covered u/s 187 OR u/s. 78 - change in the terms and conditions of the partnership - the reconstitution of the partnership was made only as a result of changes in the profit sharing ratio amongst the partners - CIT(A) has rightly allowed carry forward losses to be set off, as claimed by the assessee - AT....